Tornado Cash-funded wallet opens $26.2 million Bitcoin-Ether trade
Wallet opens paired Bitcoin and Ether positions
A wallet, an account that holds crypto, funded with 3,100 ETH withdrawn from Tornado Cash opened about $26.2 million in paired positions on Hyperliquid on Nov. 7. It went long Bitcoin and short Ether.
At about 8:48 p.m. ET, trading tracker Hyperdash showed a 172.94 BTC long and a short of about 5,860 ETH. Each position was worth about $13.1 million. The settings shown were 20x leverage.
The two positions were close in dollar value. That makes the trade a bet on Bitcoin doing better than Ether. It is not simply a bet on the whole crypto market.
Main details from the report
- About $26.2 million in paired positions in total
- 172.94 BTC long, worth about $13.1 million
- About 5,860 ETH short, worth about $13.09 million
- 3,100 ETH received from Tornado Cash on Nov. 7
- About 6.92 million USDC received after swaps, then moved to Hyperliquid
How the funds moved to Hyperliquid
Ethereum records showed 31 transfers of 100 ETH from Tornado Cash's 100-ETH pool to the wallet on Nov. 7. That total was 3,100 ETH.
The wallet then used four CoW Swap orders to send the 3,100 ETH. It received about 6.92 million USDC. USDC is a dollar-linked token.
The wallet bridged the USDC through Circle's CCTP to Hyperliquid. Hypurrscan recorded a credit of 6.92 million USDC to the same address on Hyperliquid.
Position prices and leverage
Hyperdash data, checked around 8:48 p.m. ET on Nov. 7, listed a Bitcoin entry price of $75,762.00 and a liquidation price of $37,816.00. For Ether, the entry price was $2,233.50 and the liquidation price was $3,319.00.
Liquidation prices are tracker estimates. They can change if collateral or positions change.
Hyperdash also reported 3.79 times overall leverage against about $6.91 million in equity. That is different from the 20x setting shown for the positions.
Earlier report from Lookonchain
Onchain analyst Lookonchain highlighted the trade at 8:40 p.m. ET. It reported a 169.47 BTC long against a 5,740 ETH short.
Lookonchain called the trader a hacker. It did not identify a specific theft in its post.
The Defiant noted that mixer withdrawals alone do not show that the funds were stolen. That part remains unconfirmed.
Trade size compared with the wider market
Hyperliquid's trading interface showed about $3.15 billion in Bitcoin open interest and about $2.18 billion in Ether open interest in snapshots around 8:47 p.m. ET. Open interest is the total size of open positions.
Each side of this wallet's trade was about $13.1 million. That is much smaller than the total open interest for either asset.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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